Sunday, October 18, 2009

Firm plans subsidiary for Russia and the Ukraine

As fraud cases and international commerce levels continue to rise in Russia and the Ukraine, private investigators struggle to obtain marketshare in a region where demand for professional private investigation, due dilence and background checks is high. Wymoo® International is the current leader in marketshare for private investigation in these countries, and with their recent announcement to open a subsidiary in Russia, it is clear the firm and its affiliates are betting the demand will continue.

Investigation industry analysts estimate the majority of investigation, pre-employment and Russia background checks in Russia is driven by Russia's emerging market economy, as well as the high occurance of bridal and internet scams, otherwise known as advance fee fraud. Internet scam operations continue to operate nearly unchecked in Russia and the Ukraine, with close ties to organized crime in major cities such as Moscow and Kiev. Wymoo is hedging its bet on the political environment in Russia remaining a high fraud, high-risk business zone.

Wymoo Vice President, Paul Fletcher, states that "the demand for due diligence and pre-employment screening in Russia has never been greater, and we expect that demand to increase as the global economy continues to recover through 2012." In addition to standard background checks, foreign male clients in Australia, Canada, the U.K. and U.S. continue to drive up demand for surveillance, infidelity investigations, and pre-marital checks. Russian women increasingly search for romance and marriage via the internet, and these relationships should be verified.

The name of the subsidiary has not been released, but insiders familiar with the deal expect the website for Russia to open in January, and the team of Russia and Ukraine private investigators is already in place. As with Wymoo's other markets, the Russia and Ukraine team is rumored to be a professional group of former federal agents and military operatives. Wymoo has established itself as one of the most reputable names in international private investigation, and the firm is placing large bets on Russia and the Ukraine. If they are right, fraud and scam levels in the region will remain high, and consumers should take note of the risk.

Best of luck,

A. Hathaway
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